Co-operative service capital base in Lagos rises to N33 billion – Commissioner

Co-operative service capital base in Lagos rises to N33 billion - Commissioner

The co-operative service capital base in Lagos state has risen to N33 billion in 2021 from N32 billion as of 2019.

This was disclosed by the Lagos State Commissioner for Commerce, Industry and Cooperatives, Mrs Lola Akande, at a ministerial news conference in Lagos on Monday.

What the Commissioner said about the co-operative service capital base in 2021

”As part of efforts to ensure best practices in the establishment and running of cooperative societies, the ministry through the Department of Cooperative Services has been successfully supervising all the societies in the state.

To this end, 147 societies were inaugurated, 247 new registrations, 807 annual accounts approved, 272 Annual General Meetings held by the cooperative societies.

410 mediations and 1,693 routine inspections were carried out in the last one year.

Furthermore, 2,359 cooperative societies were revalidated. Cooperatives capital base increased from N32 billion in 2019 to N33 billion to date.

The cooperative insurance scheme payment is N50,702,337 as of May 30, 2019, till date,” Mrs Akande said.

What you should know

Cooperatives also play an important role in Nigeria’s Mortgage system, as Nairametrics reported that Mortgage banks have also executed partnerships with cooperatives to design a system where their members can make convenient monthly contributions to the mortgage bank to qualify them for affordable and quality homes over time.

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